Scenarios about 'monetary union'
A monetary union is an arrangement where multiple countries share a common currency and coordinate monetary policies. It eliminates exchange rate risks and transaction costs between member states while requiring significant economic integration, policy coordination, and often the establishment of shared financial institutions. Monetary unions like the eurozone demonstrate how economic sovereignty can be partially pooled to create integrated markets, though they face challenges during asymmetric economic shocks when lacking fiscal union components.
What If The Economic Community of West African States Integrated Further?
Exploring the alternate timeline where ECOWAS pursued deeper political and economic integration, potentially transforming West Africa into a unified regional powerhouse comparable to the European Union.